LESSON

STANDARDS

Students will understand that: Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy.

Students will be able to use this knowledge to: Describe the roles of various economic institutions and explain the importance of property rights in a market economy.